Market ends week with a thud. Dow down 200 points and tech stocks tank

Remember the stock market surge Wednesday after the midterm elections? Investors took a bite out of those ga...

Posted: Nov 10, 2018 10:06 AM
Updated: Nov 10, 2018 10:06 AM

Remember the stock market surge Wednesday after the midterm elections? Investors took a bite out of those gains Friday.

The Dow finished the day down 202 points, a drop of nearly 0.8%. The S&P 500 fell almost 1%. And the Nasdaq was down about 1.7%, dragged lower by big drops in shares of tech titans Apple (AAPL), Amazon (AMZN) and Google owner Alphabet (GOOGL).

Banking, finance and investments

Business, economy and trade

Company activities and management

Company earnings

Economic indicators

Economy and economic indicators

Financial markets and investing

Financial performance and reports

Financial results

Securities trading

Stock indexes

Stock markets

Technology

Government organizations - US

The Fed

US federal departments and agencies

US government independent agencies

Concerns about the continued slide in oil prices as crude fell for the tenth straight day and the possibility the US-China trade war will lead to a slowdown in China's economy dragged the broader market lower.

A stronger dollar wasn't helping either, since the rise of the greenback eats into profits of blue chip US firms.

Investors were also still digesting Thursday's announcement from the Federal Reserve. The Fed did not raise rates but strongly suggested another hike is coming in December. That was also one of the reasons for the dollar's gains.

The market may be underestimating how many more rate hikes there will be, Larry Hatheway, chief economist at GAM Investments, told CNN Business.

"The Fed has consistently raised rates more than expected. That may continue to be the case," he said. Hatheway added that investors may also be growing nervous about earnings growth slowing in 2019 and that rising wages will eat into profit margins.

But despite Friday's losses, the broader market should still end the week in positive territory -- thanks to the post-Election Day rally Wednesday.

Investors cheered the possibility of gridlock in Washington as Democrats won control of the House while Republicans maintained a majority in the Senate.

The Dow rallied by nearly 3% this week -- its best performance since March -- while the S&P 500 gained more than 2%. The Nasdaq was up less than 1%.

In corporate news, General Electric (GE) plunged 6% after an analyst at JPMorgan Chase slashed his price target on the troubled conglomerate to just $6 a share. GE has lost more than half its value this year.

Several tech companies reported earnings and outlooks that disappointed investors as well, including gaming giant Activision Blizzard (ATVI), online retailer and bitcoin investor Overstock (OSTK) and reviews site Yelp (YELP).

Activision and Overstock were each down about 15% while Yelp plummeted nearly 30%.

Shares of Chinese online retail giant Alibaba (BABA) fell 3% despite the fact that the company is gearing up for Singles' Day -- an annual shopping extravaganza for Chinese consumers -- on Sunday. (Singles' Day is always 11/11 -- a day of four ones.)

The one notable bright spot on the earnings landscape? Media giant Disney (DIS) impressed investors with solid results from its movie studio business. Disney's stock was up 2% and hit its highest level in nearly three years.

But shares of streaming media king Netflix (NFLX) dipped more than 4.5% -- partly due to the fact that Disney CEO Bob Iger announced more content plans for the company's upcoming Netflix rival, which will be called Disney+.

Mississippi Coronavirus Cases

Data is updated nightly.

Cases: 144544

Reported Deaths: 3729
CountyCasesDeaths
DeSoto956999
Hinds9541193
Harrison6825105
Jackson6068116
Rankin523796
Lee480294
Madison4602102
Forrest367185
Jones344687
Lauderdale3343142
Lafayette313347
Washington3088106
Lamar281849
Bolivar237883
Oktibbeha237760
Lowndes228362
Neshoba2171113
Panola211047
Marshall207247
Leflore200789
Pontotoc193227
Monroe189577
Sunflower189554
Lincoln183964
Warren172157
Tate163349
Union160125
Pike160058
Copiah158840
Yazoo150638
Scott149929
Coahoma147342
Itawamba145533
Alcorn143724
Simpson143553
Pearl River142967
Prentiss139526
Grenada136344
Adams135948
Leake131643
Holmes124461
George121623
Tippah120930
Covington117234
Winston115824
Wayne115722
Hancock114137
Marion110746
Attala106233
Tishomingo106042
Newton102829
Chickasaw102332
Tallahatchie94727
Clarke88253
Clay86726
Jasper81121
Walthall74328
Stone72314
Montgomery71925
Calhoun71213
Carroll70514
Lawrence69914
Noxubee69017
Smith68616
Yalobusha67926
Perry65225
Tunica59519
Greene58422
Claiborne57416
Jefferson Davis54117
Humphreys52518
Amite50814
Benton48217
Quitman4786
Webster41614
Kemper40815
Wilkinson38422
Jefferson34011
Franklin3185
Sharkey30617
Choctaw3057
Issaquena1114
Unassigned00

Alabama Coronavirus Cases

Cases: 234080

Reported Deaths: 3459
CountyCasesDeaths
Jefferson30620491
Mobile19306358
Tuscaloosa12501148
Madison12410146
Montgomery12040232
Shelby980576
Baldwin826984
Lee753964
Morgan618247
Calhoun5997113
Etowah590564
Marshall581953
Houston507038
DeKalb463535
Cullman412636
Limestone404544
St. Clair398455
Elmore393961
Lauderdale382953
Walker349096
Talladega335942
Colbert296341
Jackson291924
Blount276336
Autauga263439
Franklin244833
Coffee233415
Dale226654
Dallas220231
Russell21803
Chilton216937
Covington212533
Escambia194431
Tallapoosa169290
Chambers168048
Pike155514
Clarke155419
Marion134535
Winston123723
Lawrence122436
Geneva11748
Marengo116924
Barbour116110
Pickens115318
Bibb114217
Butler113741
Randolph99821
Cherokee98924
Hale91631
Washington90018
Clay89423
Fayette84416
Henry8426
Lowndes78729
Monroe76811
Cleburne74414
Crenshaw70330
Macon70020
Bullock69019
Conecuh66814
Perry6686
Lamar6267
Wilcox62418
Sumter55322
Choctaw41713
Greene40217
Coosa3074
Out of AL00
Unassigned00
Tupelo
Clear
52° wxIcon
Hi: 65° Lo: 55°
Feels Like: 52°
Columbus
Clear
54° wxIcon
Hi: 67° Lo: 53°
Feels Like: 54°
Oxford
Clear
50° wxIcon
Hi: 64° Lo: 52°
Feels Like: 50°
Starkville
Clear
50° wxIcon
Hi: 65° Lo: 51°
Feels Like: 50°
WTVA Radar
WTVA Temperatures
WTVA Severe Weather